LTC Properties has announced a number of financings it originated over the third quarter totaling $46 million across four separate investments, including a unitranche loan, a senior loan, a mezzanine loan and a land loan. The investments are believed to generate a future annual interest income of approximately $3.5 million over a combined weighted average term of 3.2 years.
First, a $27 million unitranche loan was originated for a regional operator to purchase a skilled nursing facility in Louisiana. The operator was given a loan term of three years with one 12-month extension option.
The second loan was a $12.5 million senior loan for a regional operator to purchase an assisted living/memory care community in Florida. It carries a four-year term and includes an additional $4.2 million loan commitment to be funded at a later date upon the construction of a new memory care addition.
Next, an operator received a three-year, $4.4 million mezzanine loan to refinance an independent living community in Oregon. The debt carries two 12-month extension options. All three operators listed above are newly working with LTC Properties.
Finally, a one-year $1.8 million loan was originated and secured by a parcel of land for the future development of a post-acute skilled nursing facility in Missouri. The facility will be operated by an existing LTC partner.
